Pension Fund Abuse?

We missed this at the very bottom of Friday's article on Shortshanks' son and nephew hiring criminal defense attorneys:

• Vanecko and Davis are guaranteed $3 million in fees for managing the pension fund investments under a deal that runs through Dec. 31, 2014. Among the real estate deals in which they have invested so far, they have bought an apartment building at 1212 S. Michigan and loaned $1 million to help restaurateur Matthew O'Malley redevelop the former Chicago Defender building.

If we recall correctly, the Defender building was the subject of a couple of newspaper articles because of a most unusual occurrence:

• Jeffrey Duerwachter made $413,000 in one day last year by buying and selling the Chicago Defender building.
  
  But he did even better investing, making a $413,000 profit by buying and immediately reselling a historic South Loop building that once housed the Chicago Defender, the city's biggest African-American newspaper. And he did it all in one day -- June 8. First, Duerwachter paid $3.72 million for the building and a nearby vacant lot Then, Duerwachter resold the building and lot for $4.1 million to a company owned by Matthew A. O'Malley, a politically connected Chicago restaurant owner who had been negotiating to buy the property from Stratievsky.
  
  O'Malley bought the property with three loans -- including $1 million in city pension funds managed by DV Urban Realty Partners, a company co-owned by Mayor Daley's nephew, Robert Vanecko, and one of Daley's key African-American allies, Allison S. Davis. This was one of the investments Davis and Vanecko made after their newly created company was hired to manage $68 million for five pension funds for city workers, police officers, Chicago teachers and CTA workers.

If we recall, the Pension Fund has agreed to let DV Urban Realty Partners run a $15 million portion of the fund. They have drawn on $5 million of that amount and have lost $1.5 million in shaky investments. But Duerwachter made $413,000 flipping the Defender Building in one day, a connected restaurant owner is making who knows how much and the DV people got their management fees.

Anyone know how the Pension Fund made out in the deal? And can anyone connect the dots here? Mr. Fitzgerald?